World’s Best Private Banks 2025: Caribbean & Central America

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Banking app adoption rises by more than 50% in some markets.

Banking in Central America and the Caribbean continues consolidating, with a mix of de-risking and record profits. With the emergence of neobanks posing a challenge, traditional brick-and-mortar institutions are offering more services. Many, such as El Salvador’s newest bank, Banco Integral, as well as Lafise in Nicaragua and Panama, are focused on small and midsize enterprises (SMEs).

The merger of Banco de la Produccion and Banco de Finanzas in Nicaragua suggests that middle-ranking businesses are being most affected by post-pandemic economic slowdowns. Meanwhile, investors had been waiting until after the US election to make their moves.

The delay has led to some taking a more creative approach and others focusing on what makes the region unique. In June, the Dominican Republic launched a $750 million green bond through Citibank, while El Salvador used JPMorgan’s special purpose entity in a historic $1 billion debt-for-nature swap.

Best Private Bank: Scotia Wealth Management

Scotia Wealth Management followed up on last year’s Best Private Bank in the Caribbean award with another impressive set of results across the region. Despite a centralization policy, the bank made headway in some countries, cementing its presence in some of the more established banking markets.

Scotiabank’s acquisition of a 14.9% stake in KeyCorp for about $2.8 billion is part of its new capital spending in North America and the Caribbean.

The new Scotia Caribbean App gives regional customers access to the online banking platform through the upgraded Scotia OnLine; and to Scotia Access, a new digital collaboration tool. Scotia eCom+ is a new eCommerce platform. Together, these led to a 57% increase in digital adoption and nearly doubled profitability in Barbados.

Scott Thomson, Scotiabank’s global president and CEO, revealed in January 2024 that the Caribbean was a priority area in the institution’s global strategy. In the Bahamas, this was highlighted by a 45.9% year-on-year increase in net income.

Best Private Bank For Sustainable Investing: BAC Credomatic

Despite Panama’s issue of its first blue bond, it was a quieter year than the previous one for sustainability.

BAC backs up its investing in-house by being the first carbon-positive bank in the world. It’s also the first financial group in the region to adhere to the UN Principles for Responsible Banking.

Costa Rica has seen $700 million worth of finance for environmental or social impact. BAC signed a $180 million medium-term loan agreement with the Netherlands Development Bank and the German Development Finance Institution that will finance green projects in Guatemala. The loan will also finance over 10,000 SMEs led by women who have received training by BAC, as well as 289 regional nongovernmental organizations on its YoMeUno platform.

The bank’s publicity material will now be recyclable. As Central America struggles to convert to electric cars, the bank has stepped in with 23 charging stations in Costa Rica.

Best Private Bank Digital Solutions For Clients: Banco Popular Dominicano

Following the successful launch of electronic checking in 2023, Banco Popular Dominicano has launched programs targeting the Dominican Republic’s tourism economy. The bank says it provides 50% of the tourism sector’s finance, totaling $1.6 billion, and is recognized by Wells Fargo and JPMorgan Chase for international transfers.

The bank has updated its main platform, App Popular, modernizing its technological architecture and improving customer solutions. It also introduced apps for microbusiness and SMEs (Comerza), receiving remittances (Yavá), entrepreneurs (Biz), and the youth market (Gnial).

For residents, the bank’s Finanzas con Propósito program provides financial education for families. Banco Popular’s alliance with PayPal allows the sale of products and services abroad while many regional banks are struggling with cross-border payments.

The introductions of Google Wallet in November 2023 and Apple Pay in August 2024 were a tribute to Banco Popular’s digital and international focus.

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